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Green Thumb Industries Inc (GTBIF+1.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $286,865,000 from $275,398,000 in the same quarter the previous year. This increase is attributed to the expansion of the adult-use market in New York and Maryland, along with the legalization of adult-use sales in Ohio.
Cost of goods sold for the quarter was $139,274,000, compared to $141,592,000 in the same quarter of the previous year. The decrease is due to operational leverage from the company's Consumer Packaged Goods business.
The company reported a gross profit of $147,591,000 for the quarter, compared to $133,806,000 in the previous year, with the increase attributed to higher revenues and operational efficiencies.
Selling, general, and administrative expenses increased to $104,967,000 from $84,779,000, primarily due to costs associated with new retail stores and ongoing claims and litigation.
Net income for the quarter was $8,616,000, down from $10,512,000 in the previous year. The decrease is attributed to increased expenses.
Cash provided by operating activities was $151,845,000, while cash used in investing and financing activities was $53,435,000 and $86,403,000, respectively.
Green Thumb had a working capital of $231,205,000 as of September 30, 2024. The company continues to focus on expanding its retail footprint and increasing production capacity.
The filing also details the company's entry into a $150,000,000 syndicated credit facility led by Valley National Bank (VLY-2.49%), which was used to retire previous notes and support operational growth.
Green Thumb does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no changes in its internal controls over financial reporting during the quarter.
Green Thumb continues to focus on expanding its Consumer Packaged Goods and Retail segments, with revenues from these segments contributing significantly to the overall financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Green Thumb Industries Inc (Sub Voting) quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.